USD/JPY Discussion

Here's my take on the USDJPY, from the technical perspective of a swing trader.

I can see the 109.930 area as a significant horizontal resistance zone and the 106.510 area as a significant horizontal support zone.

On the daily time frame, price action is respecting a rising trendline from recent lows. As long as the trendline holds, we may expect bulls to sustain a northward move but with limited momentum. However, a significant breakdown of the trendline on a daily closing basis is likely to facilitate a southward drive.

A mini trendline (magenta) from recent price action on the H4 time frame is in play as support and its breakdown with a relatively big bearish candlestick will give an early warning of a possible southward turnaround.

I may be wrong. Trade safe and prosper.

KP

I really do not place too much emphasis on how i place my orders biased on which session. for intraday trading absolutely something to take into consideration. If my stop gets hit it means Im in the wrong place at the wrong time. so long at 109.5 stop at 109.3 target 110.9 best of luck

if your scoring at home, we are testing last years close/this years open....

USDJPY short trade

1hr chart?

NFP on Wed..... Should be good depending on where we end up twixt today and then..

4 hr chart

108.9x area looks like a good entry to buy for possibly big leg higher. mkt gv one confirmation yest by holding the 50% retrace from 108.25. more convincing as UJ is making HH on dailies and perhaps broken out of the downtrend on weeklies.

I put a Buy limit at 109.02 stop at 108.90. . I believe we are waiting for 109.00 to diffidently reject price. best of luck everyone.

took buy trade on UJ as prices came bk to 108.98 50% retrace area ... perhaps bought little early as could have waited for ADP.

USDJPY as it happened.

I have no idea what happened, but I TP 1/2 at red cross. Did trump open his mouth in my favour for once. Will tighten SL to pivot probably in case this is some 5min moment of tweetdom

China back on again. wow. Definitely could be a 5min flash for sure

Targeting per pic, but happy to TP with jitters. The diagonal blue TL is based on daily resistance, and as much as some people hate squiggly lines, I remain a fan of the 50SMA



Edit, TP at daily pivot. Done for the day

Yep. We would have finished this down move if he hadn't opened his mouth IMO. Now we just need to wait for someone else to ask him about the Chinese so he can make his 2020 comment again. Hopefully while he is still in Europe. The way I see it we have 11 days to get to the "bottom" before tarrifs are reversed and we pop back up. We still have an open gap near 111 that needs filling. Big numbers this week and next.

Quick scalp prior to news

Another quick scalp. Enough of that now. Normally I avoid trading the last 5min and 1st 5min of hour, the candles lie the most then I feel. Anyway job done.

Time to settle and watch

Have scalped myself stupid on UJ today. Very grateful to be ahead. Commission cost for 4lot is $28 with IC, so I am lucky to be ahead, trading costs do add up if you over trade. Ideally I like a max 4 trades else I come unstuck. Even though I'm a mostly happy scalper getting bigger pips really helps out the bad days.

I do wish more people would post charts. I come and go from here as there's not much incentive to share trading thoughts...


Edit- Closed last long at 108.878. $10 profit. Now I am done for the day. Some days bring a trend trade, some don't.

Another edit- I get $7 US per 4lot trade rebate with paybackfx. 11 trades today is $77US= $112 AUS so total today is $406 + $112= $518. I am super happy with that. If I could do that every day for 4 hours work that would be great

SELL @108.919 SL 30 PIPS

Finally i trade this pair again

USDJPY